Adding a Cost to Inventory
Adding a cost to a piece of inventory will allow you to keep track of your back end costs as well as unpaid bills. To add a cost to a piece of inventory follow the steps below.
Open the inventory page and choose the specific vehicle by clicking "View Vehicle."
2. Open the "Costs" Tab
3. Click the "Add" button to add a new cost/expense.
4. A dialog box will open with fields for you to fill in. Fill in all the appropriate fields. Make sure to select the correct vendor. To learn how to add a new vendor, click HERE
NOTE: For most day-to-day entries, you will leave both the Inventory Asset Account and the Payment Account sections blank. For more information on when to use these selections, click HERE.
Field Terms Explained:
Type - The type of cost you are adding, for example a purchase cost, recon cost, transportation, etc.
Note: Any service tickets created on internal inventory will automatically get added to the inventory as a cost. If you are adding flooring costs, see the section on flooring below.
Charge Type - How you are paying for this cost. (This information will get transferred to the accounting system.)
Vendor - Who you are paying (This information will get transferred to the accounting system.)
Invoice # - From your vendor (optional).
Check # - Your check number if that was how you paid (optional).
Secondary Reference - (optional).
Description - For your internal use, this would be a note or description of this costs (optional).
Bulk - Most often leave this blank.
Inventory Asset Account - For accounting purposes only. This is the account used to store the cost until the vehicle is sold.
Payment Account - For accounting purposes only. This is the account you are using to pay for this cost (credit card, checking, floor plan, etc). If you are printing a check, leave this field blank.
5. Click the "Add" button to finish and save the transaction.
Add Flooring Costs
On the "Costs" Tab, scroll down to the "Flooring" section under Costs and Pack.
To record the cost of flooring the vehicle, either manually enter your flooring information or, if you've set up default flooring plans, select one from the "Floor Plan" drop-down.
Enter the total "Amount" you floored the vehicle for.
For more detailed information on Flooring and Accounting for Flooring, check out our other articles: